The Best Checking Account Signup Offers
Having a checking account is essential for doing business, getting paid, and purchasing the products that you need. Without a checking account, sending and receiving money is difficult and expensive. Since everyone needs a checking account, many banks try to establish a relationship with new customers by offering promotional offers in exchange for opening a new account. By taking advantage of some of the offers that exist online, you can have a substantial bonus deposited into your new account while getting the opportunity to explore new banking options that are now available.
Chase Total Checking
Chase Bank offers one of the best signup offers on the market by giving you up to $350 just for opening a new account. You can qualify for Chase’s promotional bonus by opening a new checking account and sending money to your account through direct deposit within 60 days. In most cases, you can qualify by simply having your employer deposit your paycheck into your new Chase account.
As long as you maintain a balance of at least $1,500 or deposit at least $500 into your account each month, you do not have to pay any monthly fees. Chase is also a good bank to have a relationship with because it can offer mortgages, business loans, student loans, and other lending services.
Pros of Chase Total Checking
- Plenty of bank branches across the U.S. make talking to a Chase representative simple.
- Chase’s mobile app supports check deposits and the full range of online banking features.
- All accounts include real-time monitoring to protect you against fraud.
Cons of Chase Total Checking
- To get the full $350 from Chase’s promotion, you must deposit at least $10,000 into a separate savings account. Otherwise, $200 is all that you will receive.
- If your balance falls below $1,500 for even one day during an entire month, you must pay a $12 monthly fee.
Citibank Regular Checking
Citibank is offering a $400 bonus that you can earn by opening a new checking account. In order to receive the bonus, you must deposit at least $15,000 into a new Citibank checking or savings account. As long as you keep your money with the bank for at least 60 days, you will receive the $400 bonus. Additionally, you can earn an extra $100 by having at least one direct deposit sent to your account for two consecutive months.
Pros of Citibank
- Citibank’s bonus takes little effort to earn.
- You can withdraw cash from over 60,000 Citibank ATMs.
- Identity theft solutions are included with the Chase mobile app.
Cons of Citibank
- The high minimum deposit to qualify for Citibank’s promotion makes it out of reach for most people.
- Citibank charges some of the highest fees in the banking industry.
- Although Citibank has many ATMs, it has only 700 branches that you can use.
Wells Fargo Everyday Checking
Pros of Wells Fargo
- You only have to open your account with $25 to qualify for the promotion.
- You can open your account online.
- Wells Fargo is one of the most established U.S. banks.
Cons of Wells Fargo
- You cannot qualify for the bonus by simply depositing a lump sum.
- You can get charged up to $105 in overdraft fees each day.
Simple Checking Account
Although Simple does not offer any huge cash bonuses for opening an account, it can help you to earn more money over time. At regular banks, you have to put tens of thousands of dollars into a highly restricted savings account just to earn a small yield. Simple, on the other hand, lets you earn 2.02 percent interest on your checking account balance by applying the money you have toward a savings goal.
Pros of a Simple Checking Account
- Simple enables you to earn significant interest without tying up your money.
- Simple never charge any monthly maintenance fees for having an insufficient balance.
- You do not have to worry about any overdraft fees.
Cons of a Simple Checking Account
- Since Simple does not have any branches, you can only withdraw cash by using expensive cash back options with your debit card.
- Although online banking is great, the impossibility of developing an in-person relationship with an account executive at Simple can seriously limit your options when something goes wrong.